Oil prices on track for weekly profits on Middle East tensions

2024-02-09 14:26PM UTC

Global oil prices rose on Friday for the fifth straight session, hitting a week high and on track for a weekly profit amid growing concerns about Middle East tensions.


Prices are also boosted by expectations of slower growth in US crude production this year, overshadowing data that showed a large US crude inventory buildup last week. 


Crude Prices


US crude rose 0.45% to $76.72 a barrel, a week high, while Brent added 0.4% to $81.95 a barrel, also a week high.


US crude rallied 3.25% on Thursday, while Brent added 3.1%, the fourth profit in a row. 


Weekly Trades 


Global oil prices are up 5.5% so far this week on track for the third weekly profit in the last month.


Middle East Tensions 


Israel Prime Minister Benjamin Netanyahu refused a potential ceasefire in the war with Gaza, leading to more tensions in the Middle East. 


Otherwise, the US forces killed an important leader for an Iran-backed militia by a drone in Baghdad in response to recent attacks on US forces. 


The US continues to target sites in Iraq and Syria used by Iranian forces and their allies. 


US Production 


The Energy Information Administration now officially expects that US production won’t surpass the record high of 13.3 million bpd touched in December 2023 until February 2025. 


The EIA cut its forecasts for local oil production growth in 2024 to just 170 thousand bpd, compared to 1.02 million bpd in 2023.


US Stocks


The Energy Information Administration reported a buildup of 5.5 million barrels in US crude stocks last week to a total of 427.4 million barrels, while analysts only expected a buildup of 1.7 million barrels.


Gasoline stocks fell 3.1 million barrels to 251 million barrels, while distillate stocks tumbled by 3.2 million barrels to 127.6 million barrels. 

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